Today is National Employee Benefits Day: ARAG asks employees, "What benefits are you missing out on?"
DES MOINES, Iowa, April 2, 2015 /PRNewswire/ -- If you're a full-time employee, your benefits likely contribute an additional one-third to your total compensation, according to new research from the U.S. Bureau of Labor and Statistics.¹ While many of us think benefits are "out of sight, out of mind," ARAG®, a leader in legal insurance, encourages us to honor National Benefits Day on April 2 by taking time to evaluate all the extras our employers offer.
"If you're not aware of everything your company offers, including voluntary benefits and discounts, you may be leaving money on the table," says ARAG Chief Human Resources Officer Erin Barfels. "When you make informed benefits decisions, you strengthen your financial safety net, provide much-needed and cost-effective products for your family and save money on services you may already be using." Barfels suggests asking yourself the following questions to find out if you are taking advantage of everything you may have coming to you.
- Are you using the 401(k) match, if offered?
When it comes to investing in your retirement, it's hard to find a better option than an employer offering a full or partial match to your own savings. In most programs, your employer will offer to match your contributions up to a certain percentage of your salary. This could be a full or partial match, and could vary depending on the amount of time you've been with the company. Talk to your financial advisor to find out how much difference using your match can make to you. - Do you have access to a legal plan, identity theft protection, caregiving services or any other voluntary benefits?
In order to attract and retain the best employees, many leading companies offer additional types of voluntary benefits beyond health insurance – like a legal plan. Enrolling in voluntary benefits such as legal insurance and identity theft protection and recovery can help you solve personal problems more efficiently to minimize the impact on your work, as well as increase your physical and financial wellness. - Does your healthcare plan still make sense for your current situation?
Many of us chose a healthcare plan when we started with the company, but haven't reconsidered if it still makes sense for the ways our lives have changed. For families, choosing the right health insurance plan requires a thorough review process. Keep track of your medical expenses throughout the year so you can review to ensure you are using the plan that works best for you. Take into account any life changes like having a child or new health issues you've developed since you last enrolled in benefits. - Are you taking advantage of wellness discounts and reimbursements?
Most employers recognize the importance of exercise as part of a healthier lifestyle and provide reimbursements for health club memberships and the purchase of exercise equipment. Many companies also have discounts in place with organizations such as gyms and nutritionists. Take a look at the wellness section of your company intranet to make sure you are taking full advantage of these healthy offers.
Besides taking time to get your benefits in line, National Benefits Day also acknowledges the hard – and often unseen – work performed by corporate benefits teams and human resources professionals across the country. If you need help understanding your benefit program, stop by your human resources department. You can get answers to your questions and offer a little appreciation in return. Remember, there are no dumb questions when it comes to your benefits: over time, the answers could save you hundreds of dollars.
¹Employer Costs for Employee Compensation. U.S. Bureau of Labor and Statistics. March 11, 2015.
About ARAG:
ARAG ® (www.ARAGgroup.com) is a leader in legal insurance. It provides people with affordable and reliable legal counsel for everyday life matters. The company has an international premium base of more than $2 billion and protects 15.5 million individuals and their families – worldwide. We give you the freedom and control to embrace life's opportunities.
ARAG's North American headquarters are based in Des Moines, Iowa. We've earned the prestigious Center of Excellence Award for eight consecutive years (2007-2014) and have been named a Top 100 Call Center by BenchMark Portal for four consecutive years (2011-2014), continuing our track record of industry-leading customer service. ARAG team members voted ARAG a Best Places to Work in Insurance (2009-2014).
For more news and information about ARAG visit ARAGgroup.com.
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Jen Harken, Corporate Communications Manager
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